All reports tagged with: "investor confidence"

In efforts to increase investor confidence in real estate, RICS and 15 other global property organisations have come together to address the issue of inconsistencies in the methods of property measurement.

Honorary president of the Cyprus chapter of the International Real Estate Federation (FIABCI), Nicolas Lemonaris, has said that the financial crisis has shaken the confidence of potential foreign investors.

Cyprus is not the only property market suffering from a lack of overseas investment. Next month, Dubai plans to introduce legislation designed to protect investors enabling them to obtain a full refund.

Although the number of properties sold to Cypriot buyers improved for a second consecutive month in January, there is still no sign of a recovery in the Island’s overseas property market where the number of sales continues to decline.

Just six properties were purchased in Nicosia by overseas property buyers in November, while the total number of overseas sales during the month was down by 43 percent on the number sold in November 2010.

Rather than resolving the Cyprus Title Deeds-cum-fraud mess, the proposed legislation will destroy what vestiges of confidence remain in the Island’s overseas property market and will possibly result in its collapse.

The legal changes proposed to protect property buyers from the abusive practices of developers are sheer lunacy and will do nothing to restore overseas investor confidence in the Cyprus property market.